Market Weekly Outlook: Bitcoin Holding Uptrend Support
- Bitcoin price gained traction recently and settled above the USD 7,500 support.
- All major altcoins rallied during the past two days and moved into a bullish zone.
- A downward correction is underway in bitcoin and Ethereum towards key supports.
There were decent gains in bitcoin and other major cryptocurrencies during the past two days. The best part was a close above the USD 7,500 pivot level in BTC/USD, opening the doors for more upsides. Ethereum also broke the USD 600 barrier and traded above USD 625. At the moment, prices are correcting lower, but approaching important weekly support levels.
Bitcoin price broke the USD 7,500 level and traded towards USD 7,750 where sellers appeared. BTC/USD started a downside correction, but the previous resistance at USD 7,500 is now likely to act as a strong support.
Looking at the higher timeframe charts, the price is placed nicely in a bullish zone with weekly supports at USD 7,500, USD 7,400 and USD 7,250. On the upside, bitcoin buyers are facing major barriers near the USD 7,800 and USD 8,000 levels. Above this last, the price may perhaps move towards USD 8,500.
Ethereum performed really well and broke a crucial resistance at USD 600. ETH/USD traded close to the USD 640 level before correcting 3% to USD 605. The pair must hold the USD 600 and USD 580 support levels to stay in the bullish zone.
Below USD 580, the next major weekly support sits at USD 520. On the upside, the price is facing resistance near USD 630 - USD 640. A push above USD 640 could take the price towards the next key resistance at USD 690.
Bitcoin Cash and Ripple
Bitcoin cash price broke the USD 1,100 resistance and even cleared the USD 1,200 level before sellers took a stand. BCH/USD corrected lower and moved below USD 1,150. It is currently down 1% to USD 1,125, with weekly supports at USD 1,100 and USD 1,040. Resistances are at USD 1,200 and USD 1,250.
Ripple also gained bullish momentum and settled above the USD 0.65 resistance. As long as the XRP/USD pair is above the USD 0.62, it remains in an uptrend towards USD 0.70 and USD 0.75.
Other Altcoins Market Today
Many small cap altcoins traded higher recently, but most of them are correcting lower today. A few altcoins to watch out this week are VeChain, Mixin, Tron, EOS, Bancor, Golem, Polymath and BNB.
The overall price structure is positive and if bitcoin accelerates gain above USD 7,800, there could be further upsides above USD 8,000 during the upcoming days.